Council of Eurasian Econ Commission approves new CU single tariff

July 23, 2012, 9:05 UTC+3The main objective of the EEC is to provide the conditions for the functioning and development of the Customs Union

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MOSCOW, July 23 (Itar-Tass) — The Council of the Eurasian Economic Commission (EEC) has approved a new version of the Commodity Nomenclature for Foreign Economic Activity and the Common Customs Tariff of the Customs Union, the Commission said in a release.

According to preliminary calculations, the transition to the new common customs tariff will reduce the average rate of the customs duty from 9.6 percent to 7.5-7.8 percent, compared to the current rate, the EEC Council emphasised.

“The present version is formed with regard to the obligations of the Russian Federation to join the WTO. About 90 percent from the total number of tariff lines will remain at the current rate. Rates are reduced on about 1,000 items, including food products, carpets, clothing, ferrous metal products, transport vehicles,” member of the EEC Collegium (minister) for trade Andrei Slepnev explained.

“The Commission, in cooperation with the governments of the Customs Union countries is developing a set of measures that will minimise the risks to businesses in connection with the accession to the WTO. These may include measures to stimulate the production and marketing of products of the Eurasian Community, as well as special measures for the protection of the domestic market of the Customs Union,” said Slepnev.

The Eurasian Economic Commission was created by the decision of the presidents of Russia, Belarus and Kazakhstan in late 2011 as the single permanent regulating body of the Customs Union and Common Economic Space. The EEC has the status of a supranational governing body, and the organisation is not subordinated to any of the three governments. The Commission’s decisions are binding in the three countries.

The main objective of the EEC is to provide the conditions for the functioning and development of the Customs Union and Common Economic Space, as well as to work out proposals for further integration development. The EEC takes over the authority of the abolished the Customs Union Commission.